My comment: Chile signed as observer. If this bank and Sucre, its monetary conterpart, works corectly this is a realy historic signature. Its capital is $20bln. It is not known how much funds it is going to manage. I guess it will manage step by step most foreign reserves from those countries. Bancosur is like a regional World Bank, while Sucre plans to be both a regional IMF and a monetary system as the Ecu (old virtual European currency unit) used for intra-european trade before the Euro was born. Obviosly it is relevant for the future of the US dollar. Bancosur will channel its funds toward Latinamerica instead of US treasuries. http://www.bloomberg.com/apps/news?pid=20601087&sid=a7PU8ZmpUZ3E
Part of it has been outlined by Mr. Zoellic, president of the World Bank. Zoellick Says U.S. Dollar’s Primacy Not a Certainty http://www.bloomberg.com/apps/news?pid=20601087&sid=aj_lWM84rMQ8 Bloomberg header does not reflects exactly his words. He means "US dollar as main reserve currency". Maybe Special Drawing Rights (SDR, sort of IMF currency unit) is going to be the main reserve currency if it (and the IMF itself) reflects the real weight of currencies and economies in 2009, not its weight in 1950. It seems to me that the movement to leave the US dollar is going faster that one could expect in December 2008 when the first G20 meeting took place in Washington. Peace and best wishes. Xi --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
